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CCDBF CCL Industries Inc (PK)

51.61
0.00 (0.00%)
17 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
CCL Industries Inc (PK) USOTC:CCDBF OTCMarkets Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 51.61 39.29 66.41 0.00 11:58:18

Canada's CCL Industries to Buy Checkpoint Systems

02/03/2016 2:50pm

Dow Jones News


CCL Industries (PK) (USOTC:CCDBF)
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CCL Industries Inc. said Wednesday it has agreed to buy U.S.-based Checkpoint Systems Inc. for more than $400 million, marking the largest in a string of acquisitions aimed at expanding the Canadian packaging and label company's international footprint.

Toronto-based CCL said it has reached a friendly deal to buy Checkpoint, which makes antitheft tags for the retail and apparel industry, for $10.15 a share. The offer represents a 29% premium to Checkpoint's closing share price on Tuesday, and values the New Jersey-based company at about $428 million based on the 42.2 million shares it has outstanding, according to data provider FactSet.

"We have admired Checkpoint for many years as they built a unique, leading global position providing technology-driven label solutions to the retail & apparel industry," CCL Chief Executive Geoffrey T. Martin said in a release.

The deal is the latest international purchase for CCL, coming just one day after announcing the purchase of a private electronics-focused label company in Singapore for about 39 million Canadian dollars ($29 million). CLL also announced two small acquisitions in January, including a label-systems supplier with operations in the U.S. and China, and a label maker in Ireland.

Wednesday's deal is the biggest recent purchase for CCL, which has operations in 31 countries. Checkpoint is scheduled to release annual results on Thursday and has guided for 2015 revenue of between $500 million and $600 million. CCL has annual revenue of more than C$3 billion.

The deal is subject to Checkpoint shareholder approval at a yet-to-be scheduled special meeting, and closing is expected midyear.

Write to Judy McKinnon at judy.mckinnon@wsj.com

 

(END) Dow Jones Newswires

March 02, 2016 09:35 ET (14:35 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.

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